live from the nasdaq marketsite this is "fast money." i'm melissa lee. these are your fast money traders. job worries hitting stocks amid of the big unemployment report. plus special guest at the desk tonight the one and only dennis gartman. reveals the two popular stocks that your portfolio needs to send packing before the year is out but first get you the "word on the street." we the markets rollover late in the day, and, guy, don't want to say told you so but on "the halftime report" we told you so. apple. >> dennis when he's on, pierson. goldman sachs trading up to 193.60 on october 14th. basically gone down 15% ever soins what's been a very good tape. we've been trying to cautious it. it might be a belwhether. reverse the other day. these stocks let us up. they may be telling us to leading us back down now.

>> a couple of things this morning you had very strong market, on the opening. the s&p got up to 1117 and it just seemed to me that whatever came out of washington today and we got a lot out of washington today, it seemed to knock the market down and chip away, chip away, chip away. you had a little lit on the jobs initially and then the nonsense going on, with bernanke. and then the estate tax. it seemed like it was a reminder of what may be ahead in 2010, when you are talking about taxing and regulation. and then i think it motivated a lot of people to sell. and selling is what you should be doing today. based on the price action and the tape. >> well, we started off so strong and then you looking at the s&p 500, as you mentioned, got up to 1117, but during that -- the first hour of trade, the quad qs caught my attention. 5 to 1 puts to calls trading, both in december and january. heavy volume. gave you indication if the quad "q" will start to pull apart and rollover that's technology and the one area of strength that we had today early. >> dennis gartman your here on the desk, welcome to you.

>> thank you. >> get to alan blinder who came out of the white house summit. what did you make of today's action. >> very bad action on the end of the day. when you are down 15 points going into the close and next thing you are seeing down 85 points that's not a good close. we saw it earlier this week in apple. we saw it continue this afternoon. not a good close. >> let us move to the next trade. we do want to talk about the obama administration holding its first-ever jobs summit today to discuss about how better to spur unemployment growth. continues to climb into the double digits. joining us fresh in from that summit. princeton university professor alan blinder. professor blinder, good to speerkt to you. >> good to be here. >> what is the message that kim out of the room today and the jobs picture that you are forecasting for the u.s. economy. >> well, starting with the latter the job's picture was grim and part of the message that came out today. and the administration is very -- from the president on down -- is very clearly focused on doing something about that, or really what i should say is doing more. a lot actually has been done but it's kind of below the surface

and i get the sense that there's a need here in something surface. people really seeing that the administration's engaged in this. >> is there disdmekt your view between what some the ceos involved in the summit today want happen and what the administration or academics would like to happen? >> well, not so much. a little bit. for example, very, very understandably a number the ceos were saying that in order to do hiring, businesses need certainty. and there's all of this uncertainty about health care and energy and financial reform. and they're right, of course. it's not that they're wrong. but you know we have a constitutional form of government. and nobody's figured out how to make the senate act in ten minutes. and i sure the president would like do that if he could figure out how to do that but i'm afraid we're just going to have these uncertainties for a while. >> professor blinder, i'm all for more jobs, but you can make the argument that companies are more efficient than they've been in the last 25 years with less people. why do they have to hire more

femthey're running better now? >> well, i think and we're going to find out in the next six to 12 months whether it's true, i think that companies have paired their payrolls so much that if and as demand picks up -- and i think it is picking up -- they're going to find the need to add human beings as opposed to more machine, greater efficiencies. they've done a lot of that and they'll continue do that but i think that the jobs will eventually follow the output, the question is, what's the lag? i hope it'll be short. nobody can be sure. >> professor blinder, thanks so much for your time. we do appreciate it. >> you're very welcome. >> alan blinder coming out of white house jobs summit. of course a big show coming up for you. couple things awaiting. one is, google's ceo eric schmidt. he should be joining us momentarily. the second thing that we're awaiting is the bank of america price. so looking for the details there. that was an interesting story of the day in and of itself. market buzz overall the financials. but bank of america trade was really interest, giv that it was

up as much as 3.7. gave up a lot of those gains late in the day and we're all scratching our heads. as to why bank of america is trading higher if you know this pricing is coming out and you know down the line it'll be dilutive. >> it'll be dilutive. guy and i were talking earlier today, what is this? how illogical can this be? you saw the price decline. that did make some sense. >> joe, you take the other side. >> how much is offered. i think that you remove the uncertainty surrounding the potentials, government intervention. i think that you can attract quality people and i think if you look at their tier one capital and common ratios those metricses are better than jpmorgan, they're better than wells farg pope they're better know that the rest and i think that bank of america, it is not a story looking over the next three to six months. it is a story looking beyond into 2010, into 2011. the race to normalize earnings that we talk about, they will

get into 2011 to $2.50. you slap a 10 multiple on that it is a $25 stock. i think that bank of america is best of this bunch. >> i fully agree with what he's saying except you should emphasize it is a 2010/2011 story so why buy today? they're talking about $20 price target. well, they didn't raise as much expect capital as they thought they had to raise but the reality is there is pressure on the stock. 10% dilutive. that has to push the stock lower and indeed it did and if you look at activity in the option's marketings once again the crystal ball showed you they were buying puts. stock was up. stock was up like 50, 60 cents. they were buying put, the 16 puts all the way down. >> head down to washington. ceo of google eric schmidt. stay pleasure to have you first to cnbc. >> good afternoon. >> google is hiring, isn't it. >> of course we're hiring a couple of thousand people over the next year. the basic message is small

businesses which is the primary source of jobs you have to figure out to solve their loan problem. they used to get loans banks, the banks aren't loaning to them anymore for lots of reasons and anything they can do to accelerate that needs to happen right now. >> would you like to see some of that t.a.r.p. money that's being paid from the government right now? bank of america announced for the t.a.r.p. announced yesterday. a second stimulus, if you will. >> i don't know that they need to a second stimulus. what they really need do is get the private sector, change the tax incentives, change the banking in such a way nat private sector does the hiring here. if they're going to an extra stimulus, they should do it consistent with the rules of the first one, around the principles that we all agreed to. >> i want to switch gears and talk about your business. piper jaffray came without a bullish report today putting a $1,000 estimate on your share price by 2015. they also said by 2016, 78% of revenues will still be from search ads. in terms of your mix of the business, do you still foresee that, being the lion share of your business?

>> my guess is that advertising and particular search ads will be the lion surge of our business for such a long time. it continues to grow quite healthfully. >> do you see alternative energy for a growth spot? >> i know how commitive you've been in terms of the energy space? is that something that you see in jobs growth as well. >> alternative energy, clean energy as the president calls it because an opportunity to rebuild america's energy infrastructure. from a google's perspective what we do is we work on the information part of that and information can make energy much more useful. i doubt we'll be major players in revenue from energy itself. but you never know. >> mr. schmidt in 2010 chrome operating systems probably coming to the marketplace. how real is clout computing itself, how dedicated is google to that, and what do you think it is going to be impactful on the marketplace itself? >> you know clout computing is what everybody is doing, not just google, and it's the centerpiece of our strategy and

it's a new model, right? all of your information on servers, fast servers and personal computers and mobile phones that can use the same applications one just like the other. it's a really, really powerful model and it's where the computer industry is going. not only is it real and the centerpiece of our 2010 strategy but it is true to most companies as well. >> your centerniece terms of how much money you are spending to develop it and to make the industry accept it, or is it the centerpiece because it's going to be the biggest growth in terms of revenues? >> both. it turns out that most of what google does is already cloud computing. what we do is we build powerful web platforms for communications, for advertising and obviously for information and those are all very consist went cloud computing. we want people to adopt cloud computing as they adopt it, they will use guiling more and that's helpful for our internet. >> who is your biggest competitor, mr. schmidt. >> historically, microsoft and

yahoo! and i think true for quite some sometime when you go to sleep what do you worry about. >> what i really worry about is the next entrepreneurial company that will take cloud computing in an area that we have not anticipated. something we don't foresee that could really take off. there's evidence that a lot of new companies can be built and one of the new companies in these spaces to be google. mr. schmidt, from your pitch, you probably vey pretty good understanding of what's going on the ground of the economy here in the united states. when you get unemployment tomorrow what you are seeing from where you sit? >> overall the economy's improve, right on schedule. inventory's getting better. lending is getting better for larger companies and the one lagging problem and a very serious one is jobs. and jobs, we all understand why it is so important and so the president today talked a lot about this. the reason this meeting was all about is people understand that this is very painful. this problem will be solved by the markets overtime because business will recover and hire people. the government can accelerate

this by clench regulatory changes, by some amount of stimulus, and i think we'll get there. i think that we should be optimistic and the question is just, when. >> mr. schmidt when i asked you about that piper jaffray call today $1,000 by 2015 ukind of snickered a little bit but what's your feeling about that? >> well, we don't talk our stock price for good reason. >> that's it? >> that's right. >> all right. >> this year they. >> mr. schmidt, pleasure to speak to you on a first-time cnbc interview. we do appreciate it. >> thank you very much. >> eric schmidt, ceo of google. the premiere originally "inside the mind of google." maria bartiromo takes you behind the scenes. right here on cnbc. but before we do leave this, let's talk about that piper jaffry call, $1,000 by 2015 >> i just hope i'm alive by 2015. >> and the ceo is one the reasons why that call's being made. one of the best ceos in the

country, one of the best companies right now, it's bane phenomenal performer this year. i still think it's got a lot more upside in it in the near term. >> one of the reason thaifs didn't accusations recently is because they see that upside and trying to build into it. they've made a couple of largest acquisition, some of the large test that they've made. so because of that clearly this is not just this year's story, they're looking beyond and i think a lot of growth there. whether or not the economy's, that's going to support this stock price. getting to 1,000. if the economic situation continues to improve, then they've got a shot. but obviously, right now, that's a little bit difficult toy. >> yeah, five-year price target's a little bit difficult to justify. guy shakes. yeah, that look. that look. >> five-day price target are hard to justify. >>, they are. another buzz kill. retail down after lousy november same stopper retail figures. the concern that consumers won't be spending much. american express would be challenged if consumers dop pair back. joe, you've been bullish on

american express. do you see this as a buying opportunity? it's been down i think three straight days now. >> no, i think that is the moment where you have to actually step back from the names like american express, mastercard and visa. clearly i think that they're pulling back. losing some of the upper momentum that they've had. >> you look at some these comps. we might as well talk about it because we talk about it every night but abercrombie & finch, november comps. this should had been a pretty easy comp. down 17%. the street was looking for down 10%. i don't care what you say that's a disaster. i'm not talking valuation. it is still too rich. the stock was down 9%, 10% today. it should go down further. clearly we've missed last $3 to the upside but talking still, a name that i think that you want to try to get short. the way that the tape performed today comups, unemployment tomorrow, retailers, i cannot be bullish. >> and see stocks down 36%. as far as comps. those numbers down 17% but that name time and time again t.j.

maxx. they reported 8% rise rather than 9% so it was a real big miss by one percentage. and meantime their sales were off of the charts. they punished the stock by the end the day. down fractionally. got down to 36, finished at 37 1/2. when you look at valuations, very fair. this is a company that still sees growth. it makes some sense but it's the exact opposite story for a&m. >> and in addition to discounted goods people out there in the month of november were buying bras and weaker baskets instead of candles. limited and pier one beat the estimates. >> look. >> i got that into the conversation. >> that's terrible. i mean so we we do to ourselves here purpose we stoop to these types of -- keep playing it. keep going. >> did you see the fashions show this year. >> no. >> i did it was unbelievable. >> i knew that you watched it.

>> how dlet's talk a little bit about abercrombie & finch. >> let's. >> you know what you don't like that story at all because of the valuations. >> yeah, i'm sure it's a beautiful store. i'm not making comments about store. i'm sure it's great. >> every time i've been in new york in the past several months i would go by the abercrombie & finch store, it was always crowded. today, nobody. nobody in the store. >> maybe their new ad campaign is one the reasons that it's got the stock down. >> ha, ha, ha. >> now, millions of children across the nation are going to have nightmare horse. frightened. >> going to have nightmares. let's move on here. you're search for a bright is not rethey holiday season look no further than our "chart of the day." this was an amazing move today. amazon.com touching yet another all-time high monday. it did pull back toward little the end of the session but this is the fourth record hit

intraday in as many days. in as many days. >> and amazon just continues to march higher and higher. that's story, it's been the story all along in terms of retail. the retail numbers today obviously when you look at costco, you look at target, those hypermarket molds. it is bad. it is an amazon story now. >> and amazon lived up to the black friday and the cyber-monday. from year to date apple versus amazon they basically follow each other around. one leads, one doesn't but look at that right now the separation really started november 27th. 12% higher by amazon, apple a little bit of a flat-line, but still when you look at apple and disash pointed maybe it's $10 off of the 52 week highs. i mean you are kidding me? everyone's wringing their hands right now. not really a need just yet. i don't think that the panic's there yet. >> speak of amazon and apple, can we actually make the conclusion that holiday sales will be disappointing given the disappointment in the november sales.

given nat biggest retailers don't report the same store sales. walmart. some of the biggest out there. we don't have any indication as to how they're doing and all indications so far just on the ground are good. >> right. and i think that's a great point. i don't think that you can draw any conclusion from today's figures as far as what is going to happen. we've talked about the pent-up extravaganz. it's out there and i do think if you look at a name like nordstrom's. nordstrom's continues to defy logic and a lot of that demand is going the affluent consumer. trading names like nordstrom's so no don't give it up just yet. >> the consumer i'm sorry is hunkering down, as we say in the south. i'm very concerned with what these numbers are going to be. yeah, it's early. we haven't seen, as you say, the comps yet. but i have my doubts as to whether we are going to see great numbers coming out. i think that american consumer's become demonstratively more consumerative. >> we'll see. move on here the bernanke trade.

tough questioning today from the senate during his confirmation hearing. here's an example of some the bernanke bashing. >> you are the definition of a moral hazard. the aig bailout alone is reason enough to send you back to princeton. ordinary americans and small businesses can't even get loans for their everyday needs. now i want to read a quote to you, mr. bernanke. that's a freudian slip, believe me. >> ah. i saw bunting pitch by the way. >> he was good. >> yeah, he can throw the ball. >> he can't get names right. >> got hit in the head couple of times. >> what are the expectations? i mean, certainly a lot of heat there. >> there's a lot of heat. he'll pass. it's going to be a very close vote. closer than i think than anybody wants to anticipate. he'll get renominated. he'll get -- he'll be back in the seat. i'm actually one of the people

who thinks he's done a very good job. when push came to shove last september and october, he put in liquidity into the system and things were getting very tight. i think he did the right thing. did he make mistakes yeah but i think he's done a better job than jim bunting said. >> yeah, i think that he's dane great job. stepped in when needed to and taken on the risk. looking at 2010 one that is interesting the political football is tim geithner the interesting one next year. >> let's ask all of you out there when you think. time for the "fast money" "poll of the day," tonight's question is -- "should bernanke be reappointed." never trust a man with a beard. pete! >> not saying anything. >> dennis! >> that's me. logon to fastmoney@cnbc.com. pete has a beard. >> not a real beard. dennis has a real sfwheerd anyway. don't go anywhere purchase we have the latest on tonight's big story on bank of america.

the one trade that saved you from the sell-off and plus all of this coming up on "fast." don't say we didn't warn you. retailers crumbling as same store sales sink. will tomorrow's jobs report give the sector another rejection season gold headed back down? will the dollar stage a late-year comeback? the commodity's king puts pen to paper and chapters out where we are headed. plus a mega deal everyone was waiting for. a hollywood inside or what it means for the industry and what's next for his edgy studio.

welcome back to films. we're live at nasdaq marketsite. and a story that charlie gasparino broke on "fast money" here last night bank of america said it is reached an agreement to repay uncle sam $45 billion worth of t.a.r.p. funds. since morgan stanley, jpmorgan and goldpaid t.a.r.p. in june. bank of america shares have had a massive run but could be getting out of the tarp pushing it higher? jeff hart an analyst over at sandler o'neill. jeff, great to you have with us. >> always greatdetails on the p

tonight. >> yeah, they happens close on monday. there is such demand out there. any investoris that talk to and even b of a shareholders. the deal's going to get done early. i don't know how much discount it winds up actually coming to market usually comes at a discount to market prices but i don't know if too long. >> the thing that was puzzling about today's action in bank of america stock specifically is that it traded pretty sharply higher. knowing that this offering is coming out wouldn't thab dilutive to the shares and isn't bank of america essentially the same company in terms of earning's power as it was yesterday? >> well, i mean i think uncertainty's usually the biggest problem for stocks and a lot of uncertainty around bank of america. investor concerns are primarily centered on the government control and government intervention at bank of america. i mean if you look across their businesses they have a lot of really good franchises and their capital, really, i think was

fine. i mean what it does is it gets the government out of the picture, which is what the markets wanted to see. and really the bottom lie positive here is that the government, the regulators are comfortable enough with where b of a is right now and pay back t.a.r.p. >> a nice vote confidence. >> i think that get rid of the uncertainty is great but getting their way out of it and weren't they trying to earn their way out of it and the fact pricing the secondary isn't that disconcerting at all? >> well in a normal type environment, i mean you look at the t.a.r.p. capital, it's actually not that expensive. it may number shareholder's best interest to have kind of kept it and entered your way out but reality facing the stock right now is people are really concerned about what the government's going to do because of the extraordinary assistance tag and what, you know, how is b of a going to be forced to act over the next couple of years while it's earning it's way out that may not be in the shareholder's best interest. getting the government out really removes that fear and i think that's unfortunately the way that it has to be looked at

because that's way that things are going but i disagree with you, t.a.r.p. capital is not expensive capital and if it could be had without giving up control of the company it wouldn't be such a bad thing. >> what is the actual impact according to your estimates in terms of how much it will actually hit the stock? i mean, if you're an investor out there and you like the b of a story, long term, but you think that it is going to be this -- this offer is dilutive at some point what's your entry point. >> i don't think that we're looking at a bad entry point here. nobody's really looking at what b of a's going to earn in 2010 cause a lot of moving parts. you look at what their normalized earnings should be i'm targeting around $2.75 a share normalized earnings. i was expecting about a $10 billion capital rate to get this done. came closer to $20. it's more dilutive. to more like a $2.55. 6% or so diluteive to ets. tangible book value but dilutive to eps. if you factor that in, this is

franchise trade cheaply. people looking at financials by the money center banks and think more of the financial banks. >> i'm completely with you on the b of a call. countrywide do they have enough stash. if the mortgage market, the economy rolls back over? >> i think they're in a pretty good position. if the economy really rolls over and the mortgage market gets hit again that's bad news for everybody not just b of a but what i'm looking at from b of a right now i think that they're in in a pretty good position and the real question i think going forward on the merrill lynch side is do they go order? as the environment and the economy gets better can they keep that up? that's going to be a key for b of a. >> last question to you, jeff. what are the odds that citibank pace back its t.a.r.p. money? >> well, citibank's a little different, right? because they converted their t.a.r.p. shares into the common equities.

the bigger question is when is the government going to sell its stake and more for them to pay off i think that the real bottom line for citigroup is, when does the institutional investor community reengage in citigroup and take its ownership of citigroup shares up from the 15%, 20% to the now 70% where the peer group is. i think looking at citigroup today you should be buying it. you will do well over the next year and a half with citigroup. >> the institutions are going to step in is that sort of one of the reasons? >> i think in general when you get into 2010 the institutional investor is looking exposure to financials. citigroup will come up on your screen and start doing the work on it i think that they'll see it's a much better managed firm than it was. i think they'll see the disclosures are a lot better so you can get your armses around citigroup here and in my opinion at least the bulk the loss cycle in their assets are close.

>> jeff, thanks so much for your time. we do appreciate it. jeff hart. moving on to technology here. topping the tape today. despite a sharp sell-off for the indices late in the day. apple, microsoft, ibm closing the green. i think that apple rolled over. pete, you're watching the semis. finished okay, all right. >> just barely. >> strong all day. >> the semis were strong. you look at texas instruments, intel. intel back over $20 before that sharp sell-off at the end the day so if you look at the chips, the positive news from alterra, each time that the analysts have come out and they've bashed down that semi sector that's been an opportunity. i still think there's opportunities. i think that can you wait. you can be patient. i don't think that this market's ready to take off p it's been flat-line for a while anyway when you look at strength in the chips right now, an incredible upside bias and people continue to play that direction. >> you like the chip, dennis? >> not particularly. that the point not many things that draw me into the market again. i'll let somebody else.

he's smarter than i am. >> no, no. but when you look at the p/e earnings. 2011, if you want to go that far many of these names are cheap and the balance sheets. almost virtually zero debt. huge capital where hey can do accusations or start to buy back more stock, whatever they choose to do with their capital but if you look at those positions that's what is intriguing with the sector. >> and also double-digit growth in the pc unit next year. bodes well for the semis. >> guy, intel? >> no. >> nah, still no. >> listen think an inventory issue with these guys. i own and probably shouldn't, but no. and at 20 bucks i don't love intel here. >> the next trigger to watch december 8th you have texas instruments giving midquarter updates. a date to watch. >> tech position right now on the data point that weighed on stock today and especially late in the session. tomorrow's jobs report while economists are expecting the unemployment rate to stay unchanged at 10.2% jobless

claims fell to the lowest level in a year last week. so could we see some improvement in the number tomorrow morning? joining us is joe lavorna, chief u.s. economist at deutsche bank. joe, always nice to see you. >> thank you, melissa. >> 10.2% that what you are expecting. >> 10%. amazing, not have a i think that the unemployment rate peeked for a few reasons, one, the economy is better burks two, seeing the claim's numbers move down and actually seeing employment duration believe it or not slip. 5 to 14-week duration has peeked. in the past these barometers have foreshadowed a peek in the u..n. unemployment rate. so just a slower rate is good for these banks but if the rate actually comes down, man their loan books will look a lot better and it will better looming the real estate crisis.

>> if the jobs picture looks like it had improve in the month november why is that the data points shows that the retailers are more cautious. >> i think that the best numbers are to look at are the home sales and the vehicle sales numbers. new and existing home sales have recovered strongly. vehicle sales while have recovered, to me big ticket discretionary items. consumers have one, access to financing, and two, want to buy those purchases. the retail numbers look better, when all said is done. i personally have never found these anecdotes to be particularly useful in forecasting the aggregate retail sales numbers that we will not get until january. >> you will get numbers in housing that have to go up. the government's thrown every kind of incentive at it. we shouldn't be surprised. automobile sales probably have seen nadir. the average automobile out there is getting so very old it has to be replaced. what i find interesting is the peripherals of consumer goods really haven't shown up and that does bother me a bit. >> but dennis, an example, take

sotheby's for example. a very highly consumer discretionary luxury kind of high-end purchase. >> anything higher? >> right. so the anecdote's there and others as well. auction houses have done better. to me that's a powerful sign that from a microeconomic perspective we're starting to see a turn and the question is will policymakers allow this momentum trade to continue because it's still in its early stages. i think the answer to that is, yes. bernanke's going hand over fist telling your pounding the table telling you that we're going to keep rates for a while until we've seen the whites of the ice of a job recovery effectively. >> joe, people, all of us, we survived in near-death experience in terms the capital market, financial markets in march. the saving's rate went through the roof in this country, basically from christmas of last year through the spring. when you get through a thing like that and you have money in the bank, you know what you will say to yourself maybe shi go out and spend, i have a couple of bucks in the bank. the market's going higher, people are feeling better about themselves. whether they should or isn't, is that type of phenomena out

there. >> first all you look very christmas spirit. you have to be upbeat. >> i am always upbit are right. but recession fatigue. which is interesting back in the old days prior to world war ii recessions lasted an average 21 months and yet we still recovered. this one i think that you date around 18, 19 months. so you are right something to this notion that people stop being cautious and they spend. when they spend that typically gets the ball rolling and when things get sfwloort joe, always good to see you. joe lavorna. >> coming up next the hollywood buzz. comcast steel on your big media trade. trade. you're watching "fast money."

welcome back to "fast money." we're live at the the nasdaq marketsite. we're still awaiting the pricing of the bank of america common equivalent securities, $18.8 billion to be priced tonight instead of monday because of extraordinary demand. this according to the company. again, once we have the details, we will bring them to you. meantime, lets take a check in the after-hours session of

shares of bank of america and as you see there, they are trading slightly lower at about 15.50. but again awaiting the pricing of the common equivalent securities, which will by shareholder's vote eventually be converted. meantime, let's pier into the future, 2010. hit some charts here. we've got dennis gartman. we'll put him to work. he's over at plasma. dennis, you will start out with apple. what do you see. >> i see a chart that's doing some damage here. very bullish on apple for a long period of time. it's been part of our fund for a long period of time but i have to tell you the fact that it is turning lower. the fact that for the past several evenings, it has failed late in the day, the way it traded on monday i thought was very discouraging. the way it traded yesterday i thought was more discouraging. this trend line clearly has been broken. you have to be less long of apple, less bullish of apple. it's been the leader all the way up but probably time to be less involved. >> take profits but stay in the stock? what does less long mean.

>> it's still a very well-defined bull market but you should probably be demonstratively less involved. >> gold goldman sachs it is the canary in the gold mine. what do you see. >> one the strongest stocks of all, it's been the financial and all of a sudden beginning to trade downward and on the chart. it's failed to make a new. my that's something that good technician, good traders always pay attention to. something that doesn't make a new high when it should be, something fails late in the day when it ought to be rally, you have to be here again less involved. this has been a bellwhether. >> and gold, talk about precious metal you've been buying gold in sterling. >> i've been bullish of gold and i don't like myself when i am bullish of gold. i don't like bullish of gold meanancy i am also concerned when you old gold you have by definition a long position in other currencies. short position on the dollar that's very crowded so i created

a hedge of sorts. i'm long gold but i have it in sterling terms. it's been going up, clearly. making new highs, clearly. but i've hedged away the exposure to the dollar by having gold on one side, sterling on the other. i own gold in sterling terms. it's making new highs. it will probably continue to make new highs. >> pete, what do you make of dennis' interception of apple getting less long here? >> well, it makes a little bit of sense. i mean the chart itself doesn't look all that pretty. it's kind of flat lined. bouncing around that 208 level. can't seem to get through that but let's not forget this an absolutely. look at the trajectory of that stock. is it in a pausing motion right now? potentially and i think more of what i'm looking at because i don't look at the chart. i add that to the fundamentals of what i see, the understory and i think a lot -- >> hold on. back to mary thompson. breaking news. mary? >> reporter: melissa, we're having headlines crossing from reuters on the pricing of this bank of america common equivalent shares. $9.3 billion worth of this shares priced at $15.

about a 5% discount. to the closing price today of 15.76. keep in mind of course bank of america was expected to raise -- or was expecting to raise 18.8 billion but again reuters reporting it raised $19.3 billion. convert to common stock once shareholders approve this. they have 105 days for that approval. again priced at $15. i just received a -- an e-mail though from someone from bank of america, bob stickler, one of the spokesman, he said at this point i cannot confirm, things are moving around but reuters reporting that they have raised $19.3 billion, sharing these common equivalent sharon at $15, about a 5% discount. today's closing price of $15.76. melissa, back to you. >> mary thompson, thank you very much for that update. raising more than expected. as expected, bank of america shares moving down towards that $15 level.

>> it'll be fascinating to see how it trades off of that $15prieties. seeing if it gets down there. not saying it will. i'm more focused on a wells fargo, waiting on them, what will happen with them? do they feel pressured? we've heard from stumpf a number of times. he said whatever they do it will be shareholder-friendly. secondary is shareholder-friendly because you want to get out under from the arm the government. >> that's a stretch. a definition of your shareholder-friendly. >> did any ceo didn't say anything that wasn't shareholder-friendly. >> that's a good point there. >> and don't forget about citigroup. best opportunity just might be under citi. it's underowned and might be motivated. the government may sell that stake i don't know. >> pnc had an interesting today because a lot of chatter on the streets saying that pnc would be under pressure to come out from under the t.a.r.p. and that stock traded sharply lower as you can see there. held onto the losses. according to reuters is that ba

america raising $19.3. essentially means that shareholders and bank of america will have up to 105 days to vote to whether or not this will be converted. so 105 days is when we might actually get the final say on this. but this all according to reuters. keep following the story for you. more "fast money" coming. heat mapping shows me where the money's moving. twenty-five hundred stocks... one quick glance. that's where the action is. look at this, pattern matcher. pattern matcher spots technical patterns automatically. it's like pattern radar. td ameritrade. built by traders, for traders. this is what i need. announcer: trade commission free for 30 days, plus get 100 dollars cash, when you open an account.

welcome back to "fast money." it is official, comcast will take over control of nbc universal from general electric creating a mega media conglomerate with 24 million subscribers. a dozen cable channels including cnbc. reshape the media landscape and likely your trades. michael burns comes back to the show. michael, great to have you with us once again. >> thanks for having me again. >> the real message of this deal seems to be that content is king. that content is really worth a lot of money these days. with that said are you looking for any acquisitions? >> here we go again. whether creative and make sense is the short answer. i tell you the comcast deal is very interesting to us. it does as you said validate the idea that content married with

distribution makes a lot of sense. i think the game has changed. i think what you'll see now is for the first time in a long time you're going to soot middleman get aced out which is if you're a content owner, a significant player in the content space or a leader the idea that you'll have middleman that are going to determine windows for your content, it makes no sense. in fact i think the wrong thing to do for your shareholders. you'll see those middleman out and going to direct. >> pay-per-view channel, how is that doing. >> epics. so far the yearly result are encouraging. it's funny i had one of the fellows in my office, came back from las vegas. he got stuck in traffic. he's a subscriber. computer in the backseat. they line up wireless. authenticate. about one-third of the verizon subscribers on epex is authenticating so they'll go on the web and watch it on any screen but this fellow in my office lee what he did is watching a movie coming back from las vegas. i was on a plane last night coming in.

i did that little go-go thing and i went to epics. i lodged in and i watched the madonna concert. >> how cool is that. >> how cool the go-go thing. i haven't been out to see it but if it wins an academy award, a lot of buzz, you can put a monetary amount for your company or is it just a nice thing but no big deal? >> a win would be great but industry knows the money's in the nominations because what you want is a rooting interest for people when they watch the oscars they want to see many of those movies beforehand. gone to ten movies that are nominated for best picture i think that's good. or at five i would be hopeful that "precious" would get a nomination. >> possibility of accusations and of course they have to make sense, that's what all executives say. >> shareholders. >> shareholder-friendly. but obviously mgm is a continued it rumor. you can give us anymore clor that? you were gracious enough to talk to us about that. >> i will say this, mgm's a great asset, it's a great brand. whether lionsgate would be

interesting in all of it or of it it's all to be determined. a lot of big players with a lot more money than we have looking at it. could we team up with somebody, yes. could we go for it, it depends on the price. >> opening up "brothers" tomorrow with natalie portman. uck do more natalie portman movies? >> yeah, she's hard not love. tobey mcgwire and natalie portman and in a jim sheridan movie. the best slate i think that we've had in our history for the right price. we have this crazy movie "kick ass" starring this 13-year-old girl which is phenomenal and "precious" as releases is television is continuing to knock the cover off of the ball. lionsgate, big investment. with tvguide.com and break. and a premium channel with epics. an interest there and then basic cable which is where the money is in television with tv guide. >> michael, always good to see. you next time bring jam hamm with you. >> i will drag him along. thanks for having me. >> the tried lions gate and pops

and drops right after this. somewhere in america, there's a home by the sea powered by the wind on the plains. there's a hospital where technology has a healing touch. there's a factory giving old industries new life. and there's a train that got a whole city moving again. somewhere in america, the toughest questions are answered every day. because somewhere in america, 69,000 people spend every day answering them. siemens. answers.

mary thompson with more of

bank of america. >> reporter: stick ber spokesman from bank of america. that the bank raised $9.3 billion selling common equivalent shares priced at $15 each, works out to about 1.62 billion shares sold at that price. >> thanks, mary thompson. $19.3 billion. more than they expected to raise. let's quickly trade lionsgate because we the vice chairman on earlier. >> i don't think that you're buying the stock on valuation. they have a tremendous library. i think that you can own it because frankly if they don't buy mgm somebody might gobble up these guys. i do like lionsgate. >> content provider in a time that content is worth much more money. joe, what do you say? >> eh. >> eh. >> that says it all i think. all right, get "the final trade" after this. you need a financial advocate who knows where you want to go. a merrill lynch financial advisor, now with access to the resources of bank of america,

can help you diversify, rebalance, imagine, and believe.

time for the final trade. around the horn, joe? >> warehouser, wah has had a nice run, time to get off though. >> mr. christmas? he step on the gas on that wells fargo, short. >> dennis? >> i'm still long of gold but in sterling terms and in euro storms. >> pete. >> intel, keep an eye that son a zblun i'm melissa lee. thank you so much for watching. don't forget the "google"

premiere tonight on cnbc.

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